Just as our home buying checklist last week, we're bringing you the same breakdown for selling. Take a look and get an idea of what you need to think about when selling your house in less than 5 minutes!
- Analyze and be aware of your reasons - think again why are you selling your home. Are you looking for a lifestyle or career change? Do you want or need to move up or down on the housing scale? Do you need more room for your family, or a better setting? Answering these questions and writing down the key points will make it much easier to proceed in the next steps and to clearly communicate your needs to everyone involved.
- Market value - Find out the market value of your home and get a picture for what can you realistically expect. Consult with professional and don't forget to ask what adjustments could your home benefit from that might get you more money in the end then what you invested in the first place. Our team offers a through process of evaluation based on recent sales and new listings with similar features. We also recommend working with the Ontario Property Assessment Corporation.
- Pre-listing house inspection - this can significantly speed up the selling process as the buyer will know what to expect (however, this doesn't mean that he or she might not want to conduct another inspection again). It will also let you know about any defects or problem before anyone would come and see your property.
- Get your home ready - make adjustments, repair and otherwise improve the property based on your research in the point above. Don't underestimate how much time do these steps take and factor in your timing needs.
- Timing is crucial - to get the most out of the selling process, you need to understand whether you're in a buyers or a sellers market. The latter makes it very easy to sell your home at market value or above. A buyers market requires better marketing and certainly the help of a professional At this point is also important to decide: What is more important given your current situation, selling your home faster or for more?
- FSOB or a realtors assistance? - if you haven't before, decide whether you want to market your home by yourself or benefit from the assistance of a real estate agent. In theory, the first option can save you money, but it's rather questionable whether the efforts will be worth the time. An agent will likely have better negotiating skills and have more options at his/her hand. Ask your realtor about the combination of these two options and see if you can arrange a deal that is good for both sides.
- Marketing - When you've decided upon your selling method, it's now time to think about marketing. Getting your property on the MLS should be the first priority. There are many other options - print media & tv advertisement, for sale signs for example - but your best bet is the Internet. There are so many options here that only your imaginaton and effort is the limits. Ask your realtor what options can he or she offer. Craigslist is one of your best bets.
- Showings - staging your home and tasteful decoration of your interiors and exteriors can push up the final selling price significatly. Depending on the market value of your property, you should consider touching things up yourself or even hiring a designer. Your realtor should also be able to provide you with tips and good advice on the topic. Don't forget to check some of the related articles on our site!
- Paperwork - get prepared and know how you'll handle all the paperwork in advance. The closing process can involve a truly amazing amount documents to sign, and sadly they are often delivered at the last minute. What you can do is to request copies of the standard contracts and look them over carefully, discussing with your realtor and possibly a lawyer as well. Keep in mind that it's in your interest to move quickly in this step. The period between the time an offer is presented and your response is critical - buyers are free to withdraw from the transaction at any point.
For additional tips and more details, please refer to our sellers guide.